Weekly Question #4

Leave your response as a comment on this post by the beginning of class on September 26, 2018. Your response only needs to be about three or four sentences. These weekly questions should reinforce class discussions, readings and show some insight.

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Here is the question:

This week, we talked about disruptive innovation & how the rise of technology has completely changed many business and consumer driven actions. What do you think was the most interesting or important technology innovation in the last few years? Why? What has it done to the original business model?

30 Responses to Weekly Question #4

There are many technological advances that have fascinated me over the past few years. I have to say the one that has stuck out to me are the smart houses. Technology is embedded into every inch of the home, even down to the basic appliances. You can control the security, lights, ac/heat, basically almost anything in your house from your phone. I think that type of power is amazing! It really allows people to have full control over what’s going on in their surroundings. This has changed the original business model a bit, I think it has even made way for new companies to arise. I think this is something that most security companies will provide, and possibly even companies like Apple or Verizon. It is truly a new market, but a necessary one as people make technology an ever growing part of their daily lives.

I think the most interesting AND important technological innovation in the last few years has been the increasing dependency on cloud computing and services. Cloud servers have greatly changed business structures in many ways. Not only do these advanced servers help firms cut down on costs and internal resources, but business professionals have been able to move away from physical servers, which are always in danger of getting damaged and lack the functionality of cloud servers as they are usually immobile. Cloud servers make collaboration among professionals much simpler, as individuals can access data remotely from their traditional office locations at any time.

Over the last few years, AI has been propelled into business changing how companies collect data and target current and potential customers. As the digital age has continued to expand the use of AI is essential to keep businesses in business. For example, Amazon, on a high level, uses AI to collect data on a person’s demographic, gender, items viewed, and if the customer bounces from the website, a reminder is sent or suggestions for similar products. Further, Amazon employs tens of thousands of robots in its warehouses to pick and pack items that are delivered, a job once completed by human interaction.

The development of new and cheaper ways to create energy in the past few years has definitely impacted the market for energy resources. Solar power roofing is becoming very popular all across the globe and is reducing the need for energy supply companies such as PECO. Although solar power isn’t completely transforming the home energy market, it has definitely impacted it by supplying a cost-reducing alternative to powering people’s homes. The development of new solar panel designs as well as the push for clean renewable energy will only popularize this fantastic alternative for energizing and fueling the everyday household.

I think that the most interesting technological innovation in the last few years are ride sharing apps (Uber/Lyft/etc.). I feel that these apps have become so useful to many people especially those in the suburbs. It used to be hard to get around in the suburbs without a car, but now with ride shares, you can get to anywhere at anytime. It has allowed for more jobs to open up as well without the restrictions of taxi medallion purchases. The downside though is what it has done to the original taxi industry. The price of taxi medallions are now going down due to this decrease in demand for taxis. Ride sharing apps are more convenient and tend to be more comfortable than taxis, which is the reasoning for the success of ride sharing.

The most interesting technological innovation in my opinion over the last few (quite a few) years has been how cameras have changed. A while back you had to go to the store, buy film, put the film in your camera, take that film back to get it developed, then receive the picture. Nowadays we can take out our iPhones and take a better picture than a film camera within seconds. This technology caused the well known camera brand “Kodak” to go bankrupt in 2012. Kodak was probably the most known camera brand in its time but disruptive innovation turned that around. With the release of digital pictures Kodak had to make a tough choice whether to spend a lot of time and money on adding digital film in addition to their already successful film camera company or just keep going with the film business until the company was destroyed. They decided to keep the film and stay away from digital photos which resulted in bankruptcy. On one hand this shows how something like the innovation of digital photos can be tremendously helpful and convenient to some people. On the other hand it can have devastating effects on companies who are not ready for that technology.

The most disruptive technology has been streaming services and independent services concerning the music industry. The music industry was dominated by the major record label machine and radio air ways. These two industries stood as the gate keeper for music acts for years. Now musicians are able to circumvent them both using streaming services like Youtube, Soundcloud, and Spotify. The music industry is now struggling to adapt and change their processes to cover costs and try to make it in this new era. Information is also widely available where as in the past, insider information stood as a barrier to entering the music industry. Now the only barrier is discipline. This may have been the one requirement in the first place, but now it is clearer than ever!

I think one of the most interesting innovations over the last few years is the new amazon go stores and the technology they are using. This technology is eliminating the need for cashiers which could have a huge impact on grocery stores in the future. Using an app that automatically can tell what items you have picked up and put in your cart/basket is completely new to the grocery store market. Other advances may spring from this new business model. Grocery stores could use a similar technology that just scans your cart and it knows what items are in your cart. The positive impact of this technology is that customers may have to spend less time checking out and shopping, however, a negative impact is the number of people a grocery store hires. Self checkouts are already starting tot change the business model but this new technology could change the model a lot more.

I believe the most interesting, and possibly the most disrupting technology to the market has been the rise of AI in consumer goods. I’m talking specifically about Siri, Alexa, Google Home, etc. These are the most interesting to me because they have to constantly be listening to their surroundings, as they must be responsive to human talk. The rise of AI in consumer goods has really shaken up and changed the model for many businesses, especially those in technology businesses. Major companies like Apple, Google, and Microsoft are now competing to develop the most innovative technology around AI, and I think it will be very interesting when these products are out for consumer use. For example, Google is still working on their self-driving car. When this technology is perfected and a market for them is created, it has the potential to completely overhaul the entire automobile market. While this may not happen in the next few years, it definitely is a possibility further down the road.

I believe the most interesting or important technological innovation in the past few years has been transportation apps such as Uber, Lyft, Waze, etc. These apps have completely disrupted the Taxi business. These apps allow people who are not in range to call a taxi, to be able to have access to easy transportation. People can easily enter their bank information and call a ride to just about anywhere they want to go, and even share rides and split the fares. Waze had specifically disrupted the GPS industry. People are now able to enter the address to a destination they are try to reach and find the fastest possible route. I remember when I was little my parents would use either a map or a separate GPS gadget to find their way. This is interesting because these apps completely change the way people get around now.

I believe that the most interesting and innovative technological advance is data mining. Companies can use data mining to observe patterns in a customer’s search history to tailor advertisements to a person’s preferences. This technology has helped many companies increase revenues through marketing products to more interested consumers, but they have also run into some problems with the law. Facebook is the most famous company to have been indited over using data mining. The largest issue with these legal pursuits is that the prosecutors questioning the companies do not understand the complexities of the technology. As these prosecutors understand more about data mining, I hope that they will work with companies to find a way to collect data without invading consumer privacy.

Really when you think of it, every industry suffers from creative destruction. It is the basically the backbone of business and continuous improvement; to find and make improvements to everything from processes and procedures to the item itself. For example, within the aerospace industry, we’re moving in the direction of composites, away from titanium and other heavy metals. So instead of titanium fan blades in an aero plane engine, it can now be 3D printed and made out of much lighter materials instead of hunks of metal being hogged out with drills and CNC machines. This impacts the way we do business, the machines required, the manpower required, the regulations and quality requirements…literally, everything is different. Something more nostalgic to reference is when MTV came into our lives and replaced the radio. There was even a song, “video killed the radio star.” Without distruptive innovation, we’d still be huddled around our radios listening to shows and imagining the scenes in our heads, as opposed to watching big block busters on movie screens.

The most interesting or important technology innovation in the last few years would be the music industry. I remember when I was younger I had to purchase a record album in order to listen to music. After that itunes came out and I could purchased the songs I like from there. And nowadays we can have music from Apple music, Spotify for under 10 dollars a month (5.99 if you are a student). Personally I love this new model of music industry and why? It is much cheaper, it is updated everyday, I can make my own playlist, I can listen to any types of music within 1 apps..etc. The new music industry has changed the old business model. There are many music shop closed down due to technological change. Also these days, people can purchase record software to create high quality music. Musicians no longer need to go to professional studio anymore, they can create the song, upload to a third party host and share it through social media. There are many more factors that got impacted by technology; but I believe that the music industry is one of the biggest business that has changed by it.

I believe that the invention on the smartphone I the most important. Ever since smartphones have come out everything has been made easier. Communication, shopping, business, and working have been made so much easier because anyone can do it on the go through the smartphone. These smartphones have limited the use of computers for many people since so many business and companies have made apps in which their customers can do any and everything that they need to. Through time we have gained to ability to even do our homework through an app of our phones. To me, the invention of a smartphone is the most important invention.

I think the most important technological innovation in the last few years has been Cloud tech. I believe it is the most important because it has given everybody who doesn’t have the a ton of money the ability to start up apps, online companies, small businesses, etc. very quickly and effectively. The ability to store all of your data in the cloud and utilize someone else’s servers instead of having to invest hundreds of thousands of dollars into servers and storage unites yourself can save tremendous amount of money which is perhaps the most important aspect in the development stage of building your business where you are usually unprofitable for the first 2-3 years. It has completely redefined the business model and perhaps even created an entirely new one. Today, we are seeing an uprising of companies who do not even have a physical office building in the beginning phases and run directly off of the Cloud and internet. We have Uber, AirBnB, Lyft, and many more who have utilized the Cloud’s services to help them get started and become the billion dollar companies they are today. Another way the Cloud has changed the way business systems function can be seen in who the top contenders are, meaning who is investing heavily in their cloud services and which companies are buying into them. Amazon, Google and Microsoft are among the world’d largest cloud service providers and banks and credit card companies are all utilizing many of their services to try and make banking more efficient and more secure for their customers.

I believe that the most important innovated technology are the new ways of creating energy. All the technology we have is so great for example when our cell phones die we feel lost (which isn’t a good thing to begin with). Finding new ways to create energy and using natural resources like the sun to create more energy. In my other class we are currently learning about the paradoxes of technology and this kind of goes a long with it. We have such great technology like our computer, cars, cell phones, etc but if these items die then it’s really hard for us to adjust without them. Business wouldn’t be able to run, everyday life would get a little harder. It’s important for us to keep trying to find better ways to create energy. More cost efficient and environment friendly ways to create energy so we can use all the amazing technology we keep creating.

I think the most important innovation is cell phones. Sense they have been around people have depended on them for everything. From work to personal use. Companies give out company phones to their employees making them dependent on their phones. Since they have to use it in order to get in touch with others at the office, communicating with clients or potential clients, and being able to check and send emails. People have also used them for their personal use. No body leaves the house without their phones and if they do they go into the panic. People go to the gym and use them to track their health, while also listening to music. You are able to do their daily shopping from their phones without leaving their house or office if they are busy. They are used for social media and taking pictures to show family. With the emergence of cell phones there has been a rise in business and has changed the way of business and how consumers interact with them and vise versa.

I believe that the most important technology innovation in the last few years has been the rise of video streaming services. Netflix, Hulu, Amazon Prime Video, and HBO Go have drastically disrupted the entertainment industry as we know it. Around 10 or so years ago before this new wave of entertainment, things were very different. There was once a time when it was common to have to wait every week for a new installment of your favorite television shows (instead of “binging” them all at once). You had to record episodes and movies to watch at a later time. If you didn’t catch a movie when it came out in the theaters, you had to go to Blockbuster or Hollywood Video to rent them. Now it is easier than ever to get your entertainment with a simple click from anywhere you want. As a result, movie theaters all across the country have seen declining numbers. The entertainment industry has had to adapt to these new preferred ways of watching television and film. With the rise of these streaming services we have seen things drastically change in our society.

I had trouble choosing which type of technology I feel is most disruptive; however, I read my classmates replies and something occurred to me: currency is the most used technology. I believe that financial technology has been the most disruptive, and very crucial to society. Businesses are having to constantly keep up with payment-technology in order to appeal to a larger market of electronic spenders. Consumers fifty years ago would have to pay cash to purchase an item (or possibly a check), but their are exponentially more options today. Things like credit cards and online banking have required businesses to accommodate to customers who use them. Moreover, more advanced payment methods, like Apple Pay, Venmo, Crypto Currency (Bit-Coin), Cash App, Zelle, and even Snapchat, have been ingrained in the lives of many.
Further more, financial technology has allowed investors to trade stock with the click of a button, and at the exact second intended. Technology like NASDAQ is helpful to those who want to trade stocks behind a desk on a computer, instead of running around Wallstreet doing it by hand.
Overall, the past 100 years has proved that we can come up with jaw dropping technology. In terms of disruptive technology, payment method advancement is keeping businesses on their toes, and society on their phones.

Technological advancements have transformed modern business practices. However, I consider the most notable to be the changes in communication. In previous decades, it was essential for business professionals to have stellar communication skills and interact with others through speech and telecommunication on a daily basis. Today, many communication systems are automated. Regular activities such as scheduling appointments or meetings, banking, or technical support are typically conducted through an automated voice service. E-mail has driven business communication and nearly eliminated much of the need for phone calls or traditional mailing. Although technology has allowed for a more efficient and simplified means of business, it is still important for people to exercise traditional communication skills to maintain interpersonal relationships. Face-to-face contact with other employees or consumers/clients builds a sense of trust between individuals that is unmatched by modern technological means of communication.

As we discussed in class, I think that the advancements in the music industry is one of the most interesting innovations in the last few years. It is truly amazing how the methods that we use to listen to music has evolved. There was the 8-track players, records, cassette tapes, walkmans, mp3 players, iPods and now we can listen to music on any type of wireless device. I am old enough to remember all of those devices . It just goes to show how fast technology changes.

I think the most interesting and important technology innovation is the digital reading. In the past, we have to carry around 200 pages of the textbook to school every day, but now we could buy the e-textbook online and bring the lab top to the classroom and take note. Ebooks are cheaper than paperbacks. This new technology was a disruptive innovation because it granted instant availability, allowed for easier storage, was more convenient, and completely revolutionized the book market.

I believe one of the most interesting technological advances are payment apps, such as paypal, venmo, and cashapp. These apps have created a new way for consumers to pay for goods. Payment apps allow consumers to leave their wallets at home purposefully or accidentally. With these apps the “I forgot my money at home” excuse has diminished. Also, payment apps like paypal, draw more online business. For the customers who do not care to put there credit card information into each online site they purchase from, they can now just put their information into Paypal and use it to pay. Payment apps give consumers another way to spend their money.

I think a big industry that has been completely changed by technology would be the music industry. Today, you can listen to any song and make hundreds of playlists just with a touch of a button. This is has become the most convenient method to listen to music through (apple music, spotify, pandora, soundcloud etc.) but not only has it become the easiest way to listen to music but also the easiest way to find new music and connect with other people’s music and playlist. This has completely changed the market though for CDs, tapes, records, even the radio is a lot less popular. No that add free, listen to anything you want can all be in one place and you can listen to whenever you want that makes it pretty hard to compete with, and I think the music, tv and entertainment platforms in general are going to drastically change with the advance and the connectivity of the world today. People no longer need to go somewhere to buy music, its all with a tap of a button on their phone.

I think one of the most interesting disruptions technology has made is the cell phone’s camera feature. Cameras have come a long way in such a short period of time. Smartphone camera technology today has reached a point where most devices are good enough to produce images for newspaper front pages, be used in a professional capacity at a wedding or to document major sporting events. The line between mobile devices and traditional cameras has become so blurred that we no longer question why someone uses their phone to take a photo. As a matter of fact, traditional cameras have had to play catch-up to stay competitive with their mobile companions. Features like Wi-Fi and near-field communication (NFC) are now commonplace on even some of the most basic point-and-shoots, because photographers expect their devices to be connected. It’s definitely caused an interruption for camera manufacturers, however they seem to be staying on top of the “latest craze” which has caused most of them to still stay in business.

I think one of the most disruptive technological advancements in recent times would be in consumer goods and how they utilize AI. AI programs like Amazon’s Alexa and Apple’s Siri offer a revolutionary way to interact with AI and the services they provide are both innovative/trailblazing and fairly useful. The idea of smart appliances like Amazon’s new microwave and products of the like are disrupting business models that have been around for decades. For example, most people need a microwave, but AI implemented within the microwave can simplify the process of using one. Of course the AmazonBasics products may not seem of value to you today, but as society progresses, the intertwining of AI and everyday life grows and soon enough, microwaves that don’t have AI will be obsolete in comparison. The consumer-oriented use of AI is simplifying everyday tasks, allowing people more free time to do what they want/need and will likely become standard for this reason.

I personally believe that the most disruptive thing in technology to date is the AI in consumer goods, such as Alexa or Siri. These two pieces of technology are able to offer a new way of interacting with AI and the services that are provided by AI. I enjoy the idea of the smart appliances because they are able to make everyone’s day-to-day lives easier and to help them when they are on-the-go. I think that a refrigerator without a screen on it telling you what is in there saves a bunch of energy. You do not have to constantly keep opening and closing the fridge door in order to see what is in there or what could possibly be needed and added to the grocery list.

I think there are a lot of underlying technologies that are extremely disruptive that are the underpinnings of a lot of businesses. I think an interesting one that hasn’t been discussed is GPS. This technology is publicly funded and has essentially eliminated the needs for physical paper maps. GPS was implemented into cars by stand alone units like Garmin, for example. And then even Garmin’s core business of GPS units was upended when the main delivery of the technology shifted predominantly by cell phones. I’m old enough to remember using paper maps while driving, having to pull over and search the maps and the grids. Then GPS units exploded onto the market, and just as quickly disappeared into the ether as smart phones became more reliable and powerful.

I believe that one of the most disruptive technologies over the last few years is Amazon Prime. Prime allows customers to receive their packages within two days. Either business needed to either adapt or die out. So many other companies decided to increase their shipping capabilities. This has messed up the original business models because Brick-and-Mortar stores are having trouble surviving. For example, Sears is closing many stores and trying to avoid going bankrupt.

Technology grows so fast over the past few years. It seems like we have new innovations every day. Nowadays, many businesses using the internet to connected customers and introduced their products to every place around the world. Social network helps a lot for business to grow and maintain profits.